Diversified Energy FY production rises despite market volatility
By Iain Gilbert
Date: Tuesday 31 Jan 2023
(Sharecast News) - Natural gas firm Diversified Energy said on Tuesday that annual production had grown in a year "marked by volatility" stemming from "significant geopolitical activities".
Diversified Energy stated annual production had increased 14% to 135.0m barrels of oil per day as it navigated "a challenging inflationary environment".
The London-listed group also noted that protecting its cash flow and, in turn, its dividend and debt payments has "always been core" to its strategy, adding that it "opportunistically" captures higher natural gas prices as it adds additional hedge protection.
Diversified said it begins 2023 again "on solid footing", with roughly 85% of its natural gas production hedged at an average floor price of $3.63/Mcf, with downside protection of about 27% better or $0.78 higher per Mcf compared to the values reported as of year-end 2021.
Chief executive Rusty Hutson Jr said: "Once again, the team delivered another exceptional year for our stakeholders. In a year marked by volatility underpinned by significant geopolitical activities, we once again delivered on our strategic goals of generating strong cash flows, reducing emissions, and providing tangible value to our stakeholders."
As of 0815 GMT, Diversified Energy shares were up 0.85% at 110.94p.
Reporting by Iain Gilbert at Sharecast.com
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